COMMERCE AND FINANCE

Otago Daily Times, Issue 22738, 26 November 1935, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES {British Official Wlrelesa.) (United Press Association.) (By Electric Telegraph—Copyright.)

ON NEW ZEALAND CURRENCY BASIS The Bar.K of New South Wales, Dunedln. nuotcd the following rates for purchases and scles of foreign exchange yesterday:—

All rales subject lo alteration without untlce DOLLAR RATES '•\Tlie'-•Associated Bnnks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. 1 hey are subject to alteration without notice.

CORPORATION LEASE SOLD DOUGLAS HOTEL PROPERTY. The right to a lease for 21 years from the Dunedin City Corporation of allotment 1 of section 33,-block XVII, containing 12 poles, with a frontage of 43ft Gin to the Octagon and COft 4in to George street formerly the Douglas Hotel, was offered at auction yesterday by Messrs Park, Reynolds, Ltd. The upset rental was £271 10s, and the valuation of improvements £4158. Bidding was started at the upset, which was capped with a bid of f2BO, and thereafter the rental steadily, rose by £lO bids to £370 and from that on in £5 rises until £4lO was reached, and, there being no higher bidder, the lease was knocked down to Mr J. Geddes.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Bendigo Goldlights at 3gd were recorded on the Dunedin Stock Exchange yesterday, the closing buying and selling quotations being 3}d and 4d. Commercial Banks met with a firmer inquiry at 17s, but sellers would not accept less than 17s 6d. Contributing New Zealand Eefrigeratings were on offer at the slightly reduced price of 10s lid. but buyers did not come forward. Buyers of Mortgage Corporations offered 5s Bd, but sellers would not do business under 5s lOd. Sales at the former figure were reported. There was an easier demand for Mosgiel Woollens, buyers' best offer being £9 17s Gd. Sellers, however, remained firm at £lO ss. New Zealand Breweries were reported to have changed hands at £2 155,, buyers' closing offer being £2 14 s o.d. while sellers asked £2 15s Gd. As the result of a typographical error it was announced yesterday morning that Wool worth's Sydney shares had been sold at £5 5s Gd. This figure should have been £5 16s 6d. SALES ON -CHANGE.

ft Cum'dividend, fcf Different sized parcels. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— Nat. Bank of Australia (£10) 5 p.c. 5s "per share .. .. Nov. 27 Nat. Bank of Australia (£5) 5 p.c. 5s per share . . .. Nov. 27 Broken Hill Propy —ls 3d per share, half-yearly Nov. 27 Wilsons Cement —15 p.c, 9d ■ _ per share, interim Nov. 28 E.S. and A. Bank—s p.c, Is Od per share, half-yearly .. .. Nov. M'Leod Bros.—l2J p.c, 17s per share, half-yearly Nov. North Broken Hill—3s 0d per share Dec. 12 Mount Lyell—2} p.c., 0d per share, final .. .. .. • • Dec. 10 Australian Glass (ord.) —7 p.c, Is ner share, interim .. .. Dec. Australian Glass (pref.)—9 p.c, 10 4-5 d per share, interim . . Dec. N.Z. Breweries —interim .. .. Dec. Colonial Sugar—7A p.c. 12s 6d per share and bonus. ss. final

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

CHRISTCHURCH Sales on 'Change Unlisted Stocks

MINING NEWS OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended Saturday was 430 z 2d\vt for 124 hours' dredging. BIG RIVER REPORT The following is the Big River Gold Mines, Ltd., report for week ended November 21: — South Stope.—Stoping commenced. A shoot of stone has come in from the hanging wall in the south end and shows prospects of developing. North Winze.—Sunk 3ft; total 45ft. The reef is still maintaining strong in the south eud. North Stope.—The stone has widened to 4ft. The ore at present appears to be low grade. Crosscut North of Old Workings.--Driven Sft; total loft. Nothing of value met with as yet. Shaft.—Still employed straightening Hie upper portion; 20ft remain to be done. Thirty-five tons of stone were sent to the battery. MOUNT MORGAN COMPANY, LTD. EXTENDED OPERATIONS. (Pen United Phess Association) WELLINGTON, November 25. The Mount Morgan Development Company. Ltd., has advised the Stock Exchange Association that it has taken an option over the property covered by prospecting licence No. 287, Fiji, and is proceeding further to prospect and commence the development of the area. The property is approximately seven miles from Suva, and is believed to be a newlydiscovered mineral area. The option was taken after a favourable preliminary report by Mr A. A. Boyd, who personally inspected the property. The prospecting licence for 35 acres carries with it the right to acquire further adjoining areas. MATAKI RETURN (Per United Pkess Association) AUCKLAND, November 25. The Mataki return for the week ended November 24 was CO ounces for 133 hours' work. NEW MINERAL AREA (Per United I'iikss Association) WELLINGTON, November 25. Mount Morgan Developments, Ltd., has taken an option over a property covered bv prospecting licence 287, Fiji, and is proceeding further to prospect and to commence development of the area, lhe property, approximately seven miles from Suva, is believed to be a newly-discovered mineral area. BALCLUTHA STOCK SALE (Fkom Our Own Correspondent) BALCLUTHA, November 25. The yarding of sheep to-day was smaller than usual, owing to the fact that the sale was being held earlier than usual on account of Ciutha Show Week. A firstclass sale resulted, however:—Woolly ewes, fats, sold at from 24s 3d to 275; lighter quality, 10s Od to 22s Od; shorn ewes, 15s to 18s; shorn wethers, 24s to 255. Store Sheep.—Ewe hoggets, best qualify, sold at from 30s Od to 31s (id: wether hoggets, 23s Od to 24s fid; ewes and lambs, alt counted, 13s 3d to 10s: others. Ss 8d to 12s; shorn two-tootli wetheis, small, 15s 3d to 10s. Cattle. —A fair yarding, made up mostly of store bullocks. Fat cows sold at from £5 to £8; store bullocks (four-year-olds), £0 10s to £7 17s; two-year-old bullocks, £3 to £4; empty heifers. £2. Dairv cows were in small supply. Cows at profit brought £4 and heifers to £3 10s. Pigs.—A fair penning of young pigs, including a consignment from Milton. Best suckers sold at 19s to 20s: lesser quality, 15s to 17s; small, 8s to 12s. CONDITIONS IN AUSTRALIA EFFECTS OF SANE GOVERNMENT. Politically, Australia is enjoying a period of sane Government, in Commonwealth and States. That is not to say (Messrs H. Byron Moore, Day, aud Journeaux write in their November review) that there are no minor political troubles, but these, nevertheless, do not bulk importantly in the national panorama. Expenditure on social services, for instance, is still necessary. A complete cessation is, unfortunately, impossible. But then no country has yet reached this halycon period in its recovery. Indeed, few have gone so far and so favourably on the way as has Australia. In our case, at least, this expenditure is diminishing. The fact that budgets are getting nearer to balance —some indeed have balanced — is the clearest indication of the sturdy improvement in our political affairs, Commonwealth and State, and a gratifying reilex of the economic betterment. In private finance, as in public finance, the picture is good and, in many cases, excellent. An analysis of company profits, published in our October Review, showed an almost general expansion m profits. The improvement is by no means artificial. Its basis is sound in almost every instance. Balance sheets, except in the hopeless cases,, have been cleared of much dead-wood and hollow entries. Overhead has been reviewed and costs cut down. Economic stringency created a competition that made harsh demands on administrators and executives and the result has crystalised into greater efficiency. Sheltered industries have felt the spinno less than those operating in the open field. Thus balance sheets to-day may be accepted as at least reasonably accurate statements of the position, with the probability, in some cases, of the final figures having been written with a conservative pen. AUSTRALIA'S WOOL CLIP In its monthly review, under date November 11, the National Bank of Australasia says: The continued strength of file wool market and the maintenance of an average price for creasy wool of approximately 12-J<l per lji (which compares with 9:jd for the corresponding portion of fast year) is thought to be one of the major factors upholding business sentiment in general. During the past four months 710,000 bales of wool have been sold in Australia, which is 250.000 bales more than during the corresponding months of 1934. A NEW WHALING COMPANY The United Whalers. Ltd., England, has been formed as a public company to enter into agreements with Aktiebolaget Svenska Handelsbanken, Aktiebolaget Reserva. Hector Whaling, Aktieselskapet Hector, H. Krogh-Hansen and Niels R. Bugce. The nominal capital of £350.000 is divided into £1 shares. CEYLON TEA REPORT At the weekly sale of Ceylon tea. held on November 19, the quantity offered at auction amounted to 2,250,0001 b weight. Quality generally was inferior; up-country sorts were of fair character, but still rather useful. The result of tile sale ijiowed a good demand at generally lower rates, with commons and low mediums firm. Actual price alterations showed a firm market on commons and Price broken orange pekoes, a reduction of id per lb on nlaiii 8.0.P.'5, 3d per 11) on first classic broken pekoes, and ljd per lb on fine broken orange pekoes. This week's sale is expected to amount to 2.025.0001 b. Exchange remained unaltered.

PROHIBITED GOODS IMPORTS FROM ITALY CLOSE WATCH BY CUSTOMS. The volume of New Zealand's trade with Italy is not large, consequently the application of sanctions on imports its from Monday last has not disturbed the business community. Most of New Zealand's purchases from Italy are non-essential commodities and practially all goods can be obtained elsewhere. It is reported by the New Zealand Herald that a few merchants are interested by reason of having goods on the water. Their position is quite clear. If the goods have not already been paid for, payment will have to be made into the special " sanctions account" in the Reserve Bank. Importers assume tAat their liability then will end. London cablegrams indicate that _<t special watch is being kept at British ports in order to prevent evasions. At New Zealand ports, special attention will be given to Italian imports by examining officers. The importer will not be able to take delivery of the goods until he has satisfied the Customs Department that he has complied with regulations governing payment for goods in transit. It is still possible to ship ordinary trade goods to Italy, but the export trade is likely to decline if difficulty is experienced in providing bank credits. The buying of wool on Italian account may be affected during the forthcoming sales in the Dominion. However, Italy is not an important buyer, only 10.110 bales out of a total export of 479.797 bales going to Italy and Switzerland last year. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, November 25. (Received Nov. 25, at 10 p.m.) Price movements on the Stock Exchange to-day were small and the turnover below the average, but the strong undertone was well maintained. THE MORNING'S SALES. Commonwealth Bonds —

COMMONWEALTH LOAN (United Presa Association) (By Electric Telegraph—Copyright) BRISBANE, November 25. (Received Nov. 25, at 10 p.m.) The Commonwealth Government has launched a £7,500,000 internal loan repayable in 1949, with interest at 3:1 l"-' 1 ' cent. The price of the issue will be £99 15s, and the proceeds of the loan will be devoted to public works and other purposes. N.Z. FARMERS* CO-OPERATIVE DISTRIBUTING COMPANY Directors of the New Zealand Farmers' Co-operative Distributing Company, litd., in their thirty-second annual report for the year ended September 30, state that the net profit, after making full provision for bad and doubtful accounts, unpaid interest, and for depreciation of plant and furniture, amounts to £10,044 15s 3d, compared with £17,459 4s lOd last year. With the balance of £3620 14s brought forward from last year, there is available in profit and loss appropriation account the sum of £19,671 9s 3d, which it is proposed to allocate as follows: —To pay to shareholders a dividend at the rate of 5 per cent, per annum, write off £1359 for depreciation of properties, and £3OOO to the general reserve account, provide a sufficient sum to cover income tax. and to carry forward the balance, estimated at £4335. This year's net profit of £10,045 compares with £17,459 last year, £SOIO in 1933, a net loss of £3289 in 1932, and net profits of £1354 in 1931, £6130 in 1930. and £15.528 in 1929. PYNE, GOULD, GUINNESS, LTD. The seventeenth annual report and balance sheet of Messrs l'yne, Gould, Guinness, Limited, stock and station agents, covering the year ended September 30. states:— "' The net profit for the year, after making provision for bad debts, interest reserve, and other contingencies, and tiie company's contribution to the staff superannuation fund, is £22,808 5s 4d, which, although less than last year, is the second highest return since 1930. With lower wool prices and the drought last .year, some of the company's clients did not improve their position, and although the outlook is bright for better prices during the coming season, your directors have considered it advisable to increase the provision for bad debts on weak accounts to £120,145 14s Od, although this amount under existing conditions may not be required. " After payment of £21,600 for interest on perpetual debenture stock, which is part of the capital of the company and ranks behind all creditors, there remains a credit balance for the year of £1268 5s 4d, which, added to the balance brought forward from last year, leaves a credit balance of £11,644 15s 5d to be carried forward in the profit and loss account." MILLING WHEAT PRICES REVISION POSSIBLE AFTER DECEMBER. The Wheat Purchase Board has announced that the? final date for the delivery of wheat from the 1935 crop at present prices has been fixed at December 0. and advises any grower still holding -wheat to give particulars to the board"immediately. Much the same announcement (says the Christenureh Press) was made in November last year, when the board gave it out that wheat from that year's crop might not be paid for at the then ruling rate of 5s Id if delivered after a certain date in December, but the reason last year was exactly the opposite of the reason which has obviously prompted the present announcement. At the beginning of the 1934 season, the board found that it was still dealing with wheat from the 1933 crop, and having old and new wheat arriving together was something of an embarrassment, because a surplus was expected in the new crop and the board wanted to know where it stood. This year there is a shortage. The surplus of approximately 1.750.000 bushels from last year has apparently been absorbed, and to supply the needs of the

Dominion for feed wheat, the board has had to import from Australia. The present announcement of a possible revision of payments after December 0 should stimulate any farmer holding wheat to send it in, and relieve somewhat the pressure of orders on the board for fowl wheat. The announcement, of course, will affect only wheat of milling quality. Any revision to be made is more unlikely to benefit the holder.

Scott Bros., produce merchants and commission agents, agents for the Dunedin Ess Suppliers' Association, report: Eggs: Poultry farmers Is to Is Id. storekeepers to lid. Butter 9d per lb: Honey: Bulk 3kl to 4d per lb. Poultry: Hens, light Is 3d to Is Cd. heavy to Is Od, roosters Is to Is 3d. Ducks Is (id to 2s. Geese to 3s each. Turkeys: Hens Sd per lb, gobblers 9d per lb. Piss: Prime baeoners to Cd per lb, porkers 5Ad to Cd per lb. Fat: Nominally 14s to 19.* per cwt. Potatoes: Nominally, Arran Chief £l2 to £l3, Auckland new 3d per lb, local 4Jd per lb. Chuff: Prime oaten sheaf to £5 15s per ton. bags extra, ex store. Onions: Canadian 22s Cd per 1001 b bag. Partridge peas to Cs Cd per bushel. Hacks extra. Feed barley 4s per bushel, sacks extra. Whole fowl wheat 5s 3d to 5s Gd per bushel, sacks extra. Whole maize 5s 9d per bushel. Oats: Cartons 3s 9d to 4s per bushel, sacks extra. Oyster grit Cs per 1001 b. Straw: Oaten £3 15s. wlieaten £3 10s. Stocks held of lucerne meal, meatmen's. Free use of fowl crates on application. November 25, 1935.

RUGBY, November 23. _ PansPar. Nov. 22. Nov. 23. Francs to £1 124.21 74 59-64 74 61-61 Brussels — Belgas lo £1 30 29.16) 29.20 OsloKroner to £1 18.180 19.90s 19.90) StockholmKroner to £1 18.130 19.391 19.39s Copenhagen— 22 Kioncr to £1 19.150 22 Berlin— Marks to £1 20.34 12.26) 12. Zi MontrealDollars to £1 4.86 2-3 4.98 ' 4.98) Now York — Dollars to £1 4.86 2-3 4.93 9-16 4.93 9-16 YokohamaPence to yen 24.532 13 '15-16 13 31-32 HongkongPence to dollar 24.58 17 11-16 18 Bombay18s Pence to rupee — 18s Bata via— ■ Florins to £ 1 12.10 7.26$ 7.26) Milan— L!ro to £ 1 82.46 601 601 AmsterdamGuilder to £1 12.107 7.31 7.301 Prague— Ktoner tn £1 104) 119g 1191 • Geucva — Francs to £1 25.22s 15.23 15.7) Vienna— Schillings to £1 8486s 261 26} HeUIngfors— Marks to £1 193.23 2261 22G2 MadridPesetas to £1 25.22) 36 5-32 36 3-16 Belgrade— Dinars to £1 25.22b 217 217 AthensDrachma to £1 .. .. 375 517 516 Lisbon— Kscudosto £ 1 110 1103 1108 BucharestLei to £1 .. 931,6 625 630 ' Bio de JaneiroPence to rniirel? 5.890 4) 4) Buenos Aires — Pence to pesos 47.22 361 36) ShanghaiPence to tael — '-■ 145 14) Montevideo39) Pence to pesos — 395 Warsaw— Zlotya to £1 26.06 26.00

London— Buying. Selling. £1 N.Z. to £100 stg. •. • • t.t; 124 123/10/O.D. 123/10/124/8/9 Australia — £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/ffijl- £ F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New YorkDollars to £ N.Z. T.T. 3.932 3.952 O.D. 4.003 3.96J MontrealDollars to £ N.Z. T.T. 4.03 3.991 O.D. 4.04J 4.00 France— ■ Francs tc £ N.Z. T.T. so.sa 59.59 O.D. 61.10 59.(34 NoumeaFrancs to £ N.Z. T.T. 01.81 58.84 O.D. 02.21 5S.S9 l'apeeie— Fraucs to £ N.Z. T.T. 01.84 5S.S4 O.D. 02.24 58.89 Belgium— Belgas to £ N.Z. T.T. — 23.143 O.D. — 23.158 Germany— Iteichsmarks to £ N.Z. .. .. T.T. — 9.650 O.D. , — 9.055 ItalyLire to £ N.Z. T.T. — — OD. — — Switzerland— Francs to £ N Z. T.T. 12.491 12.091 O.D. 12.509 12.101 Holland— Florins to £ N.Z. T.T. 6.001 5.754 O.D. 0.054 5.758 Java—. Florins to £ N.Z. T.T. 5.355 . 5.730 • OD. 0.005 5.734 Japan^N.Z. fence to 1 Ten .. .. T.T. — 17 19-32 O.D. — 17 37-64 Shanghai— ■'■ •'.'' ' N.Z. 1'ence" to 1 "''■ i Dollar .-r ,.:... T.T. '. lV' 9-32 18 19-32 O.D. ' :17 5-32 ,18 37-64 India and.Ceylon— N.Z. Pence. to'1 Rupee 7. ••..' {• T.T. : •'«!' 22 «-32 O.D. .■..'«*.'. 22 21-52 Hongkong— '> it '■ N.Z. Pence'to 1 Dollar .... ;. T T. .22 3-32 ' 23 11-32 O.D,^ ,,.,21 31-3i !, 23 0-16 Slngai ore^- ■■' i ■' N.Z. Pence to 1 Dollar .'.'.' .. T.T. 341 35 5-16 O.D •: S4| .- 35i SwedenKroner to £ N.Z. T.T. 15.790 15.400 O.D. 15.830 15.470 Norway— i ;•-•■■■ '.".•.' Kroner to £ N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 DenmarkKroner to fl N.Z. T.T. 18.208 I7.87B * '.* --' O.D. 18.248 17 889 Austria— Schillings to £ i ' n.z: .. .. T.T. — 20.77 O.D. — 20.79 Czechoslovakia— ' Croivna to £ N.Z. T.T. — 95.42 O.D. — 95.47

U.S.A. Canada (per£l (per £1 N.Z.) N.Z.) Selling— dols. dnis T.T." .. .. .. .. 3.95* 3.99£ O.D. .'. .. .. .. 3.96" 3.992 LJu vintr — O.D. .. .. .. .. 4.005 4.043

Bendigo Goldlights (2) 0 0 Sj SALES REPORTED, Commercial Bank 0 17 0 Mortgage Corporation (2) 0 5 8 N.Z. Breweries (2) 2 15 0 '.'. tU 1 u 0 7 1 0 3 1 0 3 0 SALES REPORTED AFTER LAST CALL. Gillespie's Beach .. 0 1 r UNLISTED STOCKS Were's Trust (late Saturday) 0 4 10 Quartz Mountain 0 9 6 The folio-win;* are yesterday aftciv noon's buying and selling quotations, which are subject to the usual 1 brokcrBANKING. Buyer. [ Selier. £ s. d. £ R. d. A'asia 11 5 0 11 15 0 N.Z 2 11 0 ■— Commercial .. 0 17 0 0 17 G E.S. and A. .. 5 7 c Natl, of N.Z. .. 3 14 0 Reserve .. .. tt6 5 0 G 5 6 Union 9 9 0 — INSURANCE. National .. .. 0 19 2 — New Zealand' .. 3 4 0 — Standard .... 3 8 0 — SHIPPING. Huddart, Parker (prof.) .... 17 0 — U.S.S. Co. (prcf.) 1 7 4 — MEAT PRESERVING N.Z. Refrig. (paid) 12 0 — N.Z. Refrig. - (cont.) .... — 0 10 11 South. Froz. Meat (paid) .... - 3 18 0 LOAN AND AGENCY Dalgetv and Co. 8 4 0 — Goldsbrough, Mort 1 11 0 1 12 6 Mortgage Corporation .... 05 s 0 5 10 Natnl. Mortgage — 2 14 G Natnl. Mortgage (B Issue) .... 1 12 6 — N.Z. Guarantee Corpi .. .. — 0 5 4' Trustees, Executors 3 3 0 •— Wright, Stephenson (prcf.) .... - 1 0 0 COAL. Pulccmiro • • • • 15 6 — Wcstport .... — 1 3 2 Westport-Stockton ,. (prcf,) , .. .'.•■■■• — 0 2 8 MISCELLANEOUS. Australian Glass — 4 4 0 Broken Hill Propy. 2 18 6 2 19 0 Brown, Ewing (ord.) ... ... 0 14 6 — Brown. Ewing : (pref.) ..... .. .11; 0 —' DominionFertiliser 1 .'3 6 1 4 0 Dominion Fertiliser ■' (Debs.) ..;•• 106 0 0 — Dominipn Rubber. — 1 7 0 Dun.-Kaikorai. • f .', '■'-'■ ■'■■'. 0' — Stock Exchange' •' Propy. . . ,„ .. 1 17 0 2 0 0 Milburn Lime .. — 2 4 9 N.Z. Drug Co. ■..'." — 4 0 0 N.Z. Paper Mills — 1 9 0 . WOOLLEN COMPANIES. Bruce (ord.) .. — 0 14 G Bruce (pref.) .. — 1 2 0 Kaiapoi (pref.) — 0 IS 9 Mosgiel .. • • 9 17 6 10 5 0 Qamaru .... 11 9 — BREWERIES N.Z. Breweries .. 2 14 9 2 10 6 Timaru . - • • 0,8 6 •— Tooths i. .. 2 17 6 3 0 0 AUSTRALIAN MINING. Electro. Ziiic. (ord.) -. ..' 1 15 0 1 15 6 Mount Lyell .. •. 11 2 1 1 7 Mount Morgan .. 1 17 3 1 18 3 Upper Watut .. 0 7 0 — Irowat .. .. 0 3 0 — MINING. Bendigo Goldlight 0 0 3.', 0 0 4 Big River ... .. 0 1 8 — Gillespie's Beach 0 1 1 0 1 i£ Goldfields Dredg2i 0 0 3i Kildare .... 02 9 0 3 0 Molyneux River .. 0 2 4 ■— Mount David .. — 0 1 6 Nokomai .. .. 0 1 G 0 2 6 Okarito .... 05 0 -— Paddy's Point .. — 0 2 0 Sandhills .... — 0 0 5 Skippers .... 0 0 3 0 0 31 Waipapa Beach .. 0 1 6 0 1 9 Waitahu .... 0 2 10 •— Martha .... — 1 1 6 GOVERNMENT LOANS. 3.; p.c. Stock. Nov., "1938-52 .... 102 15 0 — 31 p.c. Stock, Mar., "1039-43 .. ..103 0 0 — 3J p.c. Stock, Sep., 1939-43 .. .. 103 0 0 — 32 v'.c. Stock, May, "1939-52 .. ._. 102 15 0 — 4 p.c. Bonds, 193740 101 10 0 — 4 p.c. Stock, 193740 101 10 0 — 4 p.c. Bonds, 194346 105 0 0 — 4 p.c. Stock, 194346 105 0 0 — 4 p.c. Bonds, 194649 105 5 0 — 4 p.c. Stock. 194649 105 5 0 — 4 p.c. Bonds, 195255 108 0 0 — 4 p.c. Stock, 195255 108 0 0 •—

Stock, 15/2/46, 4 per cent... 1.04 17 6 105 0 0 Stock, 15/6/55. 4 per tent... 108 5 0 Amalgamated Brick (Auck.), 1/3/44. 74 per cent 101 10 0 Commercial Bank of Australia 0 17 3 Bank of N.Z. (D Mort.) .. 1 13 0 6 5 (i 5 0 0 0 10 (1 1 4 0 Traders' Fina.ue (7s 6d pd.) 0 4 >i Westport-Stockton (pref.) ... 0 3 0 Hiuldart, Parker (pref.) .. 1 0 0 Dominion Breweries .. 0 17 9 Australian Iron and Steel 1 5 2 0 3 British iobaceo ° Broken Hill Propty 2 19 3 2 19 6 0 11 0 11 0 1 1 15 3 3 5 (i 4 0 0 N.Z. Refrigerating (10s pd.) 0 10 11 13" 0 0 10 10 1 18 " 5 5 (1 0 0 16 0 Unlisted Stocks Auckland Fanners' Freezing 5 12 c Auckland Farmers' l-rccanig 1 2 6

Inscribed Stock—3J per cent., March, 1939-43 (late Satur103 0 0 Inscribed Stock—4 per cent., 102 5 0 Bank of N.Z. (late Saturday) 2 11 0 Reserve Bank (kite Saturday) 6 5 0 N.2$. Guarantee Corporation (lite Saturday; 2) 0 5 0 South British Insurance '(late 2 14 6 2 14 G Wellington Woollen (prof.) 0 2 G British Tobacco 2 0 3 Consolidated Brick (late "'(4) 0 11 0 11 0 4 Woohvortbs (N.Z.) (late 0 5 17 "(2) 5 17 G Mount Lyel' (late Saturday) 1 1 4 1 17 iu

Woolwortha (Sydney.; ord.5 5 17 0 Argo Gold Dredging (o) .. 0 1 Sales Reported Christchurch Tress .... 11 2 0 Auckland Farmers' T'lO/pn 1 2 G Listed Stocks Commercial Bank of Anstra0 17 4 Mortgage Corporation of iN./*. 8 7 (1 5 7 Staples Brewery 1. 17 1 17 ( •> X.Z. Breweries (G) 2 15 I 2 IS 2 18 2 IS 2 18 i 0 Australian Glass . .. 4 2 o British Tobacco (Aust.) (2) 2 0 2 0 g 5 Broken Hill l'ropy (5s pd.; 1 8 7 Dunlop-Perdriaii Bubber (2) 0 lti :-; G. J. Coles •• 15 5 !1 1 1 1 1 4 1 17 I 17 7 (i 0 8 11 N.Z. Government 4 per cent. 102 10 0 N.Z. Refrigerating, 4.1 per cent., 1040-45 101 15 0 102 0 0 Commercial Bank of Austra0 17 fj Union Bank of Australia .. 9 10 o Moit«>age Corporation of jS.^. 0 5 (j 2 15 4 3 0 i British Tobacco (Aust.) .. 2 0 2 0 5 4 2 0 5 2 0 0 .". , . (late , Saturday). 2 0 4 0 16 7

£ s. <1. 3J per cent., 1943 .. 99 12 0 4 per cent., 1938 .. 103 10 0 4 per cent., 1941 .. 101 12 0 4 per cent., 1944 .. 102 5 0 4 per cent., 1947 .. 103 10 0 4 per cent., 1950 .. 104 0 0 Bank of New South Wales 33 7 (i Australian Gas (A) 7 1G 0 2 18 9 British Tobacco . . 2 1 (5 0 16 3 1 18 ti ADDITIONAL SAL* :s. £ s. d. Bank of New South AY '& les.. 33 7 0 Commercial Bank of Si ,'dnoy IS 1 0 Associated News .. ..' 1 4 V. 1 ipref.) 1 4 3 Australian Gas (A) .. 7 10 0 British Tobacco .. 2 1 <) ' 2 18 9 Queensland Brewery (New Zealand delivery) .. I 7 9 Dru<r Houses of Aiistra Ha '.'. 1 8 3 Dunlop-Perdriaii . . 0 1(5 i\ Greater J. D. Williams 0 7 8' 1 (i i) 2 3 3 Genera] .'Industries 1 0 14 Amnion mated Textiles 0 11 7 Australian Gypsum .. 0 17 4.'. Australian Drug .. .. 0 14 (i 0 13 0 Mesgitls 1 3 !) Broomfields 0 8 11 MavkFov 1 2 0 Commonwealth Wool .. 0 IS 1 O 9 0 7 United Provisions .. J. - 0 12 Union The-itves (pref.J 0 1(5 (i Anthony llonlcrn (prof.) ., 1 2 9 HuclcliU't, Parker (pref.) 1 9 0 Broken Hill Propiiet.m 2 ]9 i) North Broken Hill .. S 14 0 Bulolo Gold 8 5 0 Placer Development .. 5 7 (5 1 0 42 MELBOURNE I. November 2,' 5, Commercial Bank of Australia 0 17 8 National Bank (£5 pai id) .. (5 19 0 Australian Iron and Steel (pref.) .. ., .. .. 1 o 4 ■ Herald and Times .. 3 2 0" 2 1 3 I 17 1 17 3 1 0 G 1 19 3 3 10 0